Z : Partial Amendments to the Articles of Incorporation

May 18, 2021

To whom it may concern

Z Holdings Corporation Kentaro Kawabe

President and Representative Director, Co-CEO Stock Code: 4689

Partial Amendments to the Articles of Incorporation

Z Holdings Corporation (the "Company") hereby announces that its board of directors resolved, at the meeting held on May 18, 2021, to submit a proposal on the "Partial Amendments to the Articles of Incorporation" to the ordinary general meeting of shareholders scheduled to be held on June 18, 2021 (the "Ordinary General Meeting of Shareholders"). Details are as follows.

1. Reasons for the amendments
   The purpose of the amendments is to allow the Company to hold fully electronic general meetings of shareholders (fully online general meetings of shareholders) in order to revitalize, and enhance the efficiency and facilitation of the general meetings of shareholders by making it easier for many shareholders, including those in remote areas, to attend the meetings, and to ensure the interests of shareholders by contributing to the countermeasures against infectious diseases such as the new coronavirus infection.
2. Schedule
3. 1. Date of the Ordinary General Meeting of the Shareholders for the amendments June 18, 2021 (Scheduled)
   2. Effective date of the amendments
      The amendments to the Articles of Incorporation are subject to the enactment of the Act for Partially Amending the Industrial Competitiveness Enhancement Act and Other Related Acts by the Diet (Cabinet decision on February 5, 2021; "Amended Industrial Competitiveness Act") and the enforcement of the Amended Industrial competitiveness Act; and on the condition that the Company receives confirmation (the "Confirmation") from the Minister of Economy, Trade and Industry and the Minister of Justice that the Company's fully electronic shareholders' meeting, which contributes to the strengthening of industrial competitiveness while taking the interest of shareholders into consideration, meets the requirements specified in the Ordinance of the Ministry of Economy, Trade and Industry and the Ordinance of the

Ministry of Justice. The effective date of the amendments shall be the day on which the Confirmation is received.

3. Details of the amendments

Details of the amendments are as follows:

(Underlined portions are to be amended)

Current Articles of Incorporation		Proposed amendments
Chapter 3. General Meeting of the	Chapter 3. General Meeting of the
Shareholders				Shareholders
(Convocation)	(Convocation)
Article 14 The Company shall convene an	Article 14 (1)	The Company shall convene
ordinary general meeting of the		an ordinary general meeting of
shareholders annually in June and		the	shareholders	annually	in
extraordinary general meetings of		June and extraordinary general
the shareholders as required.		meetings of the shareholders as
		required.
(Newly established)			(2) The Company may hold a
			general	meeting		of	the
			shareholders that	has	no
			specified location.
(Newly established)	Supplementary provision
	(Transitional measure regarding the
	convocation of the general meeting of the
	shareholders)
	Article 2 The effective date of the
		amendment	to	Article	14
		(Convocation) shall be the day on
		which	the	Company	receives
		confirmation from the Minister of
		Economy, Trade and Industry and
		the Minister of Justice that the
		Company's	fully		electronic
		shareholders'	meeting meets	the
		requirements	specified	in	the
		Ordinance of the Ministry of
		Economy, Trade and Industry and

the Ordinance of the Ministry of Justice, after the enactment of the Act for Partially Amending the

Industrial Competitiveness Enhancement Act and Other Related Acts by the Diet and its enforcement. This supplementary provision shall be deleted after the effective date.

Disclaimer

This is an English translation of the captioned release. This translation is prepared and provided for the purpose of the reader's convenience. All readers are recommended to refer to the original version in Japanese of the release for complete information.